Nike shares slide on lackluster outlook, slowing China sales
Publishing timestamp: 2024-03-21 18:40:25
Summary
Nike reported holiday sales that beat expectations, but growth in China slowed. The company is in the midst of a restructuring plan to cut costs. Sales in North America exceeded expectations, but sales in other regions fell short. Nike's shares initially rose after the report, but dropped after releasing guidance for the current quarter and fiscal 2025. The company expects revenue and earnings to grow in fiscal 2025, but did not provide specific numbers. Nike is focusing on cost-cutting and efficiency to protect its margins amidst a challenging market. Some analysts are neutral on Nike's long-term outlook due to uncertainty about the brand's direction.
Sentiment: MIXED
Tickers: NKE,
Keywords: breaking news: business, dividends, china, earnings, nike inc, breaking news: earnings, retail industry, business, business news,
Source: https://www.cnbc.com/2024/03/21/nike-nke-earnings-q3-2024.html